AUCKLAND TRAMWAYS CO.

Auckland Star, Volume LIII, Issue 281, 27 November 1922, Page 5

AUCKLAND TRAMWAYS CO.

REA LI MS" DEBENTURES

FINAL PAYMENT JA.NUARY NEXT

The attorneys of the company hate . received cabled advice tnat tne AU-K----land Electric Tramways Company has arranged to realise on the balance ot its Auckland City Debentures, w'liic.n sal. has now been underwritten in •*»«■' the oi per ceil', debentures at £»l l»h And the - per cent debentures at ---1 10 • both plus halt a year's interest toi December 31. 1922. Underwriters appear to be now selling at the above rates plus brokerage, and final payment for the who'.e i« to be made on January 22. next. Auckland'- tramways history begins away back in 1883 when the St. Holier » and Northcote Land Company entered into an agreement with the Auckland City Council to Construct lines. 11"= tir-'t line laid down was from the corner of Queen and Customs Street, to the Ponsonbv Reservoir, and the charge for being slowly c-iivcyed over this route per horse car 'was threepence. Thre" years after the agreement with the City Council was entered into, the company changed its name to rlic City of Auckland Tramways and Suburban Land Comp.inv. but even under that imposing : title it did not prosper, and the (lnder--1 taking, which bad expanded in the meanj time, eventually passed to tlie Bank of I New Zealand. Various transfers took ( place in ihe succeeding years and : eventually the Auckland Electric Train- ! ways Company, registered in London on i March 22. 1889. took over the properly. At its inception the capital of the Electric Company was -1..0.000. but eventually it rose'to i-GOO.OOO. including debenture .lock worth £-135.100. Tlie Change over from the old fashioned horse-drawn system, (queer little boxes the cars were), to Electricity took place in November. 1902. and from that date up to 101 fl the company carried on successfully, paving dividends Of 4* per cent in' UK):?.' o per cent in 1904. 7 per cent in 1005 and 190_. _ per cent in 1.07 io 1910. 7 per cent in 1911. 7* per cent in 191- t 0 1918 and . per cent in 1919. The company's tenure of the line" did not- expire uiitil 1932. so the City foun.il could not purchase under the deed of delegation, but it decided the j time had "come to take over and !to purchase by mutual aotreement. j Eventually tiie city gave £1_J*27.20t for ! the business a- a going concern, the i amount beins' paid in city debentures.